Valuing Your Jewellery for Insurance
To properly insure your jewellery, it's important to have it appraised by a qualified professional. Once the assessment is complete, the appraiser will provide a written appraisal report detailing the value of your jewellery and the methods used to determine that value. You can then submit this report to your insurance provider to establish the appropriate coverage.
Below, we outline how to prepare for the appraisal and what to expect during the process.
Understanding a Jewellery Valuation
A jewellery valuation is a professional evaluation of the worth of a piece of jewellery. During this process, an expert examines key factors such as the type of metal, weight, quality, and size of gemstones, as well as the craftsmanship. After a thorough inspection, the appraiser will determine the item’s value and provide you with a report.
Appraisers stay up-to-date on market trends to ensure accurate valuations and often compare your jewellery with similar pieces that have recently sold.
Valuation vs. Appraisal: What’s the Difference?
Though often used interchangeably, the terms ‘valuation’ and ‘appraisal’ have different meanings. A valuation is typically a general estimate of an item’s value. An appraisal, however, is a more detailed and formal assessment often required for purposes like insurance or securing financing for valuable pieces.
What Does a Jewellery Valuation Report Include?
A jewellery valuation report is an official document accepted by insurance companies, estate planners, tax authorities, and potential buyers. It typically includes:
Purpose of the valuation: Clearly stated (e.g., for insurance)
Detailed item description: Including metal type, gemstone quality, size, weight, and craftsmanship
Gemstone details: For diamonds, specifics like colour, cut, clarity, and carat
Photos of the jewellery
Date of the valuation
Appraiser’s name and address
Appraiser’s signature
Jewellery value statement
This report will allow your insurance provider to assign the right level of coverage to protect your valuable items against loss, theft, or damage.
Types of Jewellery Valuations We Provide
In addition to insurance valuations, we offer several other types of jewellery valuations tailored to specific legal and personal needs. These include valuations for probate, division of assets, and other formal purposes. Each type of valuation follows the relevant legal requirements and provides detailed documentation.
Below is an overview of the key types of jewellery valuations we provide.
Probate Valuations
A probate valuation is required after someone passes away to assess the value of the deceased’s estate, including any jewellery. Under UK law, probate valuations are necessary to determine whether inheritance tax applies and to facilitate the smooth transfer of assets to beneficiaries.
Jewellery probate valuations must be accurate and based on the current market value as of the date of death. This valuation helps executors and legal representatives ensure that the estate is distributed fairly and complies with legal obligations. Our probate valuation report includes a detailed description of each piece, the market value, and any relevant supporting documentation.
Division of Assets Valuations
Division of assets valuations are often needed during divorce or separation when personal property, such as jewellery, needs to be split between parties. In these cases, a detailed and impartial assessment of the jewellery’s value is crucial for fair distribution.
This valuation determines the market value of the jewellery at the time of the division and provides both parties with an accurate and independent appraisal. Our division of assets valuation report includes descriptions of the jewellery, its condition, and its current value. It ensures transparency and helps both parties in achieving an equitable division of property.
Other Formal Valuations
We also offer valuations for other formal situations, such as:
Estate Planning: To help individuals plan for the distribution of assets during their lifetime or after passing.
Sales and Auctions: To provide an accurate market value before selling valuable pieces or submitting them to auction houses.
Each type of valuation is conducted in line with UK regulations, and the valuation reports are respected by legal professionals and financial institutions.
By ensuring that your jewellery is properly appraised for any formal requirement, you can protect its value and meet your legal obligations effectively.
Connect With Us for Your Jewellery Valuation Needs
If you require further information or wish to discuss your specific jewellery valuation needs, we invite you to reach out to us. We are here to provide guidance and ensure your precious items receive the care and attention they deserve. Please feel free to contact us at your convenience; we would be delighted to assist you.
What to Bring for a Jewellery Valuation: Essential Items for an Accurate Appraisal
When coming in for a jewellery valuation, it’s helpful for clients to bring the following items:
The Jewellery Piece(s): Ensure all items you want valued are brought in, whether it’s a single piece or a collection.
Original Documentation: Any certificates of authenticity, previous appraisals, purchase receipts, or warranties related to the jewellery. These documents can assist the appraiser in verifying the piece’s history and quality.
Previous Valuation Reports (if applicable): If you’ve had the item valued before, bringing the previous report can provide useful context and comparison.
Box or Packaging (if applicable): Original boxes, packaging, or branded pouches can also be helpful, especially for designer or high-end pieces, as they can enhance the item’s provenance.
Photos or Invoices (if applicable): If you no longer have the original piece (in the case of loss or theft), photos or invoices can assist with a retrospective valuation.
Bringing these items ensures a smooth and accurate valuation process.